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FEDERALLY GUARANTEED LOAN
3 Months Ended
Jun. 30, 2025
Federally Guaranteed Loan  
FEDERALLY GUARANTEED LOAN

7. FEDERALLY GUARANTEED LOAN

 

Economic Injury Disaster Loan (“EIDL”)

 

In April 2020, the Company received $370,900 from the U.S. Small Business Administration (SBA) under the captioned program. The loan has a term of 30 years and an interest rate of 3.75% per annum, without the requirement for payment in the first 12 months. The Company may prepay the loan without penalty at will.

 

In May 2021, the Company received an additional $499,900 from the SBA under the same terms.

 

As of June 30, 2025 and March 31, 2025, the Company recorded accrued interest of $nil for the EIDL loan.

 

Interest expense on the above loan was $17,490 and $8,141 for the three months ended June 30, 2025 and June 30, 2024, respectively.